BUSINESS STUDIES JSS3 MOCK EXAMINATION FOR SECOND TERM

MOCK EXAMINATION (Second Term)  SESSION

SUBJECT: BUSINESS

CLASS: JSS 3

TIME: 1HR

INSTRUCTION: Choose the correct answer from the options lettered A-D.

1. When banks allow customers to draw more than the amount they have in their bank accounts, it is called
   A. Loan
   B. Cash Withdrawal
   C. Overdraft
   D. Mortgage
2. The following are aids to trade EXCEPT?
   A. Advertising
   B. Banking
   C. Insurance
   D. Mining
3. All transactions involving cheques are entered in the column of double column cashbook.
   A. Folio
   B. Bank
   C. Cash
   D. Discount
4. Which of the following is NOT a commercial bank?
   A. Zenith bank
   B. Central Bank
   C. Skye Bank
   D. Guaranty Trust Bank
5. The end user of a product is called
   A. The Consumer
   B. The Producer
   C. The Retailer
   D. The Wholesaler
6. A document that flows in and out of an office is called
   A. Correspondence
   B. Register
   C. Procedure
   D. Complimentary card
7. Home trade is a branch of
   A. Retailing and Manufacturing
   B. Wholesaling and Retailing
   C. Wholesaling and Manufacturing
   D. Internal and External trade
8. An hourly financial remuneration paid to an employee in exchange for his labour is called
   A. Payroll
   B. Salaries
   C. Voucher
   D. Wages
9. The following are the advantages of Insurance EXCEPT
   A. Protects capital assets against risks such as fire, theft, accidents
   B. Enables the policyholder to form the habit of saving regularly
   C. Inflicts worry and embarrassment on the insured
   D. Helps the assured to obtain a loan for some future business or other projects
10. Why will an individual or business owner take up an insurance policy?
    A. To make profit
    B. To make good the loss that may be suffered
    C. To collect premium
    D. To avoid loss
11. A document that flows in and out of an office is called
    A. Correspondence
    B. Register
    C. Procedure
    D. Complimentary card
12. Those who render personal or direct services to people who need their services and they are paid directly or indirectly are called
    A. Industrial worker
    B. Professional workers
    C. Service workers
    D. Commercial workers
13. The form of business organization that is owned by only one person is known as
    A. Trading
    B. Partnership
    C. Sole proprietorship
    D. Joint stock company
14. The disadvantage of partnership is
    A. It has more capital than sole trading
    B. Wrong decision of one partner affects others
    C. Losses are shared among partners
    D. It creates room for specialization
15. The main purpose of a cooperative society is to
    A. Provide social services for people
    B. Buy goods and share them among the people in the community
    C. Cheat its members
    D. Sell goods and services to members at a cheaper rate
16. One of the sources of capital to a sole trader is
    A. Through shares
    B. Personal saving
    C. Members contribution
    D. Thayah hands
17. A debit note is used when there is
    A. An Undercharge
    B. An Overcharge
    C. A Credit
    D. A Debt
18. The two types of transactions are
    A. Payment and receipt
    B. Credit and debit
    C. Cash and credit
    D. Payment and credit
19. The process by which goods are cheaper in a foreign country than the home country is known as
    A. Dumping
    B. External trade
    C. Entrepot
    D. Home trade
20. The reward for land is
    A. Money
    B. Rent
    C. Interest
    D. Profit
21. Labour is a human effort both physical and mental used in the production of goods and services.
22. Receptionist performs the following duties except
    A. Acting as a telephonist
    B. Directing visitors to appropriate offices
    C. Making visitors feel comfortable
    D. Solving the problem of visitors
23. The best form of doing away with top-secret documents that are no longer needed in an office is by
    A. Burning
    B. Filling
    C. Shredding
    D. Selling
24. When loss occurs, the insurance company pays the
    A. Agent
    B. Broker
    C. Insured
    D. Insurer
25. Gunshot is an example of
    A. Indirect communication
    B. Modern communication
    C. Telex
    D. Traditional communication

27. The factor of production that receives interest as its reward is
    A. Agent
    B. Capital
    C. Entrepreneur
    D. Labour
28. The two main methods of communication are
    A. GSM, Landline
    B. Internet, E-mail
    C. Oral, Written
    D. Post office, Telephone
29. The two major divisions of trade are
    A. Commerce and industry
    B. Home and foreign
    C. Import and export
    D. Sole trade and partnership
30. Which of the following is not among banking services?
    A. Loans
    B. Traveller’s Cheque
    C. Banker’s draft
    D. Money Transfer
31. Which of the following is not a type of insurance policy?
    A. Fire
    B. Life
    C. Marine
    D. Subrogation
32. Two basic types of typewriters are?
    A. Electric and manual
    B. Imperial and Elite
    C. Mechanical and computer
    D. Olympia and imperial
33. In the application of the double entry principle, every transaction involves
    A. 5 accounts
    B. 3 accounts
    C. 4 accounts
    D. 10 accounts
34. An effort made by government, its agencies, certain individuals, and civic societies to curtail producer excesses is called consumer
    A. Promotion
    B. Protection
    C. Provision
    D. Production
35. Cash sales is not an ethical issue in the banking sector.
    A. Lying
    B. Honesty
    C. Stealing
    D. Cheating
36. The maximum number of partners in a partnership business is
    A. 20
    B. 2
    C. 3
    D. 40
37. When banks allow customers to draw more than the amount they have in their bank accounts, it is called
    A. Loan
    B. Cash Withdrawal
    C. Overdraft
    D. Mortgage
38. The following are aids to trade EXCEPT?
    A. Advertising
    B. Banking
    C. Insurance
    D. Mining
39. All transactions involving cheques are entered in the column of double column cashbook.
    A. Folio
    B. Bank
    C. Cash
    D. Discount
40. Which of the following is NOT a commercial bank?
    A. Zenith bank
    B. Central Bank
    C. Skye Bank
    D. Guaranty Trust Bank
41. The end user of a product is called
    A. The Consumer
    B. The Producer
    C. The Retailer
    D. The Wholesaler
42. A document that flows in and out of an office is called
    A. Correspondence
    B. Register
    C. Procedure
    D. Complimentary card
43. Home trade is a branch of
    A. Retailing and Manufacturing
    B. Wholesaling and Retailing
    C. Wholesaling and Manufacturing
    D. Internal and External trade
44. An hourly financial remuneration paid to an employee in exchange for his labour is called
    A. Payroll
    B. Salaries
    C. Voucher
    D. Wages
45. The following are the advantages of Insurance EXCEPT
    A. Protects capital assets against risks such as fire, theft, accidents
    B. Enables the policyholder to form the habit of saving regularly
    C. Inflicts worry and embarrassment on the insured
    D. Helps the assured to obtain a loan for some future business or other projects
46. Why will an individual or business owner take up an insurance policy?
    A. To make profit
    B. To make good the loss that may be suffered
    C. To collect premium
    D. To avoid loss
47. A document that flows in and out of an office is called
    A. Correspondence
    B. Register
    C. Procedure
    D. Complimentary card
48. Those who render personal or direct services to people who need their services and they are paid directly or indirectly are called
    A. Industrial worker
    B. Professional workers
    C. Service workers
    D. Commercial workers
49. The form of business organization that is owned by only one person is known as
    A. Trading
    B. Partnership
    C. Sole proprietorship
    D. Joint stock company
50. The disadvantage of partnership is
    A. It has more capital than sole trading
    B. Wrong decision of one partner affects others
    C. Losses are shared among partners
    D. It creates room for specialization
51. The main purpose of a cooperative society is to
    A. Provide social services for people
    B. Buy goods and share them among the people in the community
    C. Cheat its members
    D. Sell goods and services to members at a cheaper rate
52. One of the sources of capital to a sole trader is
    A. Through shares
    B. Personal saving
    C. Members contribution
    D. Thayah hands
53. A debit note is used when there is
    A. An Undercharge
    B. An Overcharge
    C. A Credit
    D. A Debt
54. The two types of transactions are
    A. Payment and receipt
    B. Credit and debit
    C. Cash and credit
    D. Payment and credit
55. The process by which goods are cheaper in a foreign country than the home country is known as
    A. Dumping
    B. External trade
    C. Entrepot
    D. Home trade
56. The reward for land is
    A. Money
    B. Rent
    C. Interest
    D. Profit
57. Labour is a human effort both physical and mental used in the production of goods and services.
58. Receptionist performs the following duties except
    A. Acting as a telephonist
    B. Directing visitors to appropriate offices
    C. Making visitors feel comfortable
    D. Solving the problem of visitors
59. The best form of doing away with top-secret documents that are no longer needed in an office is by
    A. Burning
    B. Filling
    C. Shredding
    D. Selling
60. When loss occurs, the insurance company pays the
    A. Agent
    B. Broker
    C. Insured
    D. Insurer

Revision Agricultural Science JSS 3 Mock Examination Second Term Lesson Notes

SECTION B

Answer three questions but Attempt Numerals

1. a. Define store records?
   b. Differentiate between a crossed and an open cheque.
   c. Differentiate between ATM and POS transactions.
2. What is Trial Balance:
   a. State 3 uses of a trial balance
   b. Enumerate Where the following will be sorted in your cash book i.e., Debit or credit side
   i. Cash sales
   ii. Started business with cash
   iii. Postage expenses
   iv. Repayment of loan
   v. Purchases
3. Explain the terms below:
   a. Budget
   b. Scale of preference
   c. Choice
4. You are required to enter the following in the necessary ledgers and extract a trial balance for Obatoyinbo Ifeloluwa as at 31 December 2020:
   • Dec 1: Started business with cash N10,000
   • Dec 2: Paid cash into bank N2000
   • Dec 4: Bought goods from Hungevu N1500
   • Dec 6: Sold goods to Yinka-Dunsi N510
   • Dec 8: Paid Fimidara N1000
   • Dec 14: Purchases N500
   • Dec 20: Sold goods to Murewa N305
   • Dec 21: Paid for general expenses N150
   • Dec 25: Paid for wages N250
5. What is office procedure? Discuss the meaning of the following methods of payment:
   • Cash
   • Bank draft
   • Bank Transfer
   • Cheques